It wasn’t a very good day on Wall Street, but we had a lot of stocks that did do well, both longs and shorts. So, let’s start by focusing on some of the longs that did great on Wednesday, and a few that are moving after hours.
Medivation, Inc. (NASDAQ:MDVN) continues to look good. It was up another 1.54 to 59.06, or 2.68%, on 5.2 million shares. This looks like a takeover. Target is 67 1/2 technically, and may be so realistically.
Primo Water Corporation (NASDAQ:PRMW), one of our long swing trades and long ideas. It popped, broke out, pulled back for a week, and popped again on Wednesday, up 22 cents to 11.12, or 2%, on 357,955 shares traded. That was the highest close we’ve seen since 2011. A five year high. It looks like it’s going to extend. Target is 13 1/2.
Stocks on the Short Side….
Eagle Pharmaceuticals Inc. (NASDAQ:EGRX) is in a wedge pattern that is about to break. It was down 3.33 to 37.58, or 8%, on 365,814 shares traded. If support is taken out, it could very well come all the way down to 16. It has 2.59 days to cover.
Luxoft Holding, Inc. (NYSE:LXFT) is moving back down again after getting up to resistance level and channel top. What this one really need is a dive under 54 to get it down to 47, 44, and eventually 40.
Stocks on the long side included Cynosure, Inc. (NASDAQ:CYNO), Dynegy Inc. (NYSE:DYN), Direxion Daily Jr Gld Mnrs Bear 3X ETF (NYSE:JDST), Legacy Reserves (NASDAQ:LGCY), Medivation, Inc. (MDVN), Primo Water Corporation (PRMW), RadiSys Corporation (NASDAQ:RSYS), and USA Technologies Inc. (NASDAQ:USAT).
On the short side, stocks included Eagle Pharmaceuticals Inc. (EGRX), Harman International Industries, Incorporated (NYSE:HAR), Luxoft Holding, Inc. (LXFT), and Royal Caribbean Cruises Ltd. (NYSE:RCL).